Menu
Events and Attractions

Ecclestone: '12 Austin F1 Race Off If Contract Not Signed By End Of Next Week

The '12 U.S. Grand Prix “will be canceled unless the organizers in Texas sign a contract” with F1 Management Chair Bernie Ecclestone “by the end of next week and prove they have the money to put on the race,” according to Jim Vertuno of the AP. Ecclestone “wants the dispute with Circuit of the Americas officials in Austin settled before the season-ending Brazilian Grand Prix on Nov. 27.” Ecclestone said, “It’s all very simple -- they don’t have the money. We don’t have a contract. If they want to come back to us, if it’s not signed before the end of next week, I suppose it won’t be on the calendar next year.” Circuit of the Americas “indicated it was looking at staging the race in 2013.” Track President Steve Sexton said, “We have been excited for and working towards a 2012 USGP race and now understand that Mr. Ecclestone is interested in moving the Austin race to 2013.” He added, “We know the U.S. market is important to the teams and their sponsors and 2013 certainly allows time for the Circuit of the Americas to be ready” (AP, 11/17). Ecclestone said, “I’ve been trying to do a deal now with these people for 18 months or more. … If they had the money, I’m sure there would be no problem” (LONDON TIMES, 11/18). Texas Comptroller Susan Combs, “who has been a leading proponent for Formula One," said that she "had ‘no idea’ if there would be a race next year." Combs said, “I don’t know because it’s up to the investors.” In Austin, John Maher notes Full Throttle Managing Partner Tavo Hellmund “acknowledged that differences between he and investors Bobby Epstein and San Antonio billionaire Red McCombs began to surface in late spring.” Hellmund said that he is “still negotiating his exit from Circuit of the Americas and hasn’t been paid for a month or two but he is willing to do whatever it takes to make the project successful” (AUSTIN AMERICAN-STATESMAN, 11/18). He said, "We don't have a contract with F1. And the reason we don't have a contract with F1 is that as a project we have failed many times over to fulfill our financial obligations to F1. It's literally that simple" (SPEEDTV.com, 11/17).

TO RACE OR NOT TO RACE: An AUSTIN AMERICAN-STATESMAN editorial states, “Texas cannot afford to invest tens of millions of dollars in something that might or might not happen. We need a guarantee that Austin will get its race. That’s a guarantee that appears to be elusive, given recent events. … In the meantime, Combs should not show Ecclestone or Circuit investors the money until they show us the race” (AUSTIN AMERICAN-STATESMAN, 11/18).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/2011/11/18/Events-and-Attractions/F1-Austin.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/2011/11/18/Events-and-Attractions/F1-Austin.aspx

CLOSE